Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Retracement – As Gold and Silver see retracement, next support is 52000 and 65000 respectively.
Long-term View (3-4months) -Positive – Any dips towards 50000-51000 and 65000-66000 should be used as buying opportunity for target of 55000 and 75000 for Gold and Silver respectively
SPOT Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
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Important News and Triggers
- International News – – The yen’s swift collapse to a two-decade low, plus a resilient showing from gold, have combined to lift bullion priced in the Japanese currency to an all-time high. The traditional haven now costs almost quarter-of-a-million yen an ounce, up 18% this year.
- Demand & Supply – Global Gold ETF demand is very strong adding 12 tonnes last week with current holdings of 3329 tonnes now.
- Economic Data – Federal Reserve Chairman Jerome Powell said Thursday that a 50 basis-point rate hike was on the table for the May meeting as the central bank aims to step up the pace of monetary policy tightening to curb elevated inflation.
- Domestic News– Retail demand remained sluggish during March as buyers postponed purchases in anticipation of a correction in the gold price.
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